Demand for altcoin ETFs nearly evaporated last week. $XRP spot ETFs’ weekly net inflows fell from 75.59 million to 4.74 million, a drop of about 94%; $SOL fared even worse, plunging from 188 million to 2.43 million, a drop of over 97%. The details are interesting: the XRP fund still saw inflows on Monday and Tuesday, then zero on Wednesday and Thursday, before posting a net outflow of 3.28 million on Friday—the first red day since September 18. SOL saw outflows of 11.1 million and 5.91 million on Wednesday and Thursday, respectively, and it took Friday’s 1.3 million inflow to pull the week back into positive territory. Prices were moving in tandem: XRP was rejected at 1.55 twice, while SOL briefly fell below 118. My take: neither of these ETFs has faced a truly tough week since launch. Last week was their first stress test, and they failed—the buying was too thin to withstand even one market-wide pullback. When the next down week comes, will you still dare to treat altcoin ETFs as a bellwether?

$XRP $SOL